Complete the following table and answer the short discussion question. Average Cost (AC) Average Fixed Cost Total Cost Average Variable Cost Output (Q) Total Fixed Total Variable Marginal Cost (MC) Cost (TVC) Cost (TFC) (TC) (AFC) (AVC) $50 $75 1 $100 2 $120 3 $135 4 $150 5 $190 6 $260 Given the results from your table, what level of output would you produce to minimize cost per unit? If the price of the product is $20 per unit, how many units of output would you produce? What is your decision rule?

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